19 Comerica Incorporated Goldman Sachs US Financial Services December 10, 2019 Curt Farmer President & CEO Peter Sefzik Jim Herzog Executive Director of Business Bank Interim Chief Financial Officer Safe Harbor Statement Any statements in this presentation that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “contemplates,” “feels,” “expects,” “estimates,” “seeks,” “strives,” “plans,” “intends,” “outlook,” “forecast,” “position,” “target,” “mission,” “assume,” “achievable,” “potential,” “strategy,” “goal,” “aspiration,” “opportunity,” “initiative,” “outcome,” “continue,” “remain,” “maintain,” “on track,” “trend,” “objective,” “looks forward,” “projects,” “models” and variations of such words and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this presentation and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries as well as estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in general economic, political or industry conditions; changes in monetary and fiscal policies; operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; cybersecurity risks; whether Comerica may achieve opportunities for revenue enhancements and efficiency improvements under the GEAR Up initiative, or changes in the scope or assumptions underlying the GEAR Up initiative; Comerica's ability to maintain adequate sources of funding and liquidity; the effects of more stringent capital requirements; declines or other changes in the businesses or industries of Comerica's customers; unfavorable developments concerning credit quality; changes in regulation or oversight; heightened legislative and regulatory focus on cybersecurity and data privacy; fluctuations in interest rates and their impact on deposit pricing; transitions away from LIBOR towards new interest rate benchmarks; reductions in Comerica's credit rating; damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; the interdependence of financial service companies; the implementation of Comerica's strategies and business initiatives; changes in customer behavior; management's ability to maintain and expand customer relationships; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods; the impacts of future legislative, administrative or judicial changes to tax regulations; any future strategic acquisitions or divestitures; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; losses due to fraud; the effects of terrorist activities and other hostilities; changes in accounting standards; the critical nature of Comerica's accounting policies; controls and procedures failures; and the volatility of Comerica’s stock price. Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 12 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2018. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this presentation or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 2

19 Comerica: Key Strengths Well positioned to manage through cycles A LEADING BANK FOR BUSINESS >90% Return on Assets of loans are #1 Commercial lender (% of total loans)1 (In percentage points) commercial Complemented by Retail Bank & Wealth Management 1.75 1.75 RELATIONSHIP BANKING STRATEGY 48% of deposits are Deep expertise in specialty businesses noninterest- 1.04 Long tenured employees bearing 0.67 GROWTH OPPORTUNITIES 5% Positioned in faster growing average loan 2016 2017 2018 3Q19 YTD growth markets & industries HIGHLY EFFICIENT Return on Equity 51.54% (Average common equity; In percentage points) GEAR Up leveraged technology, increased efficiency ratio 16.94 capacity to support growth 15.82 SOLID CREDIT METRICS 44 bps 9.34 Conservative underwriting NPA/Loans Diverse portfolio 6.22 STRONG CAPITAL 9.96% Supports future growth CET1 2016 2017 2018 3Q19 YTD Reduced share count by 13% 9/30/19 unless otherwise noted; comparisons shown 3Q19 vs. 3Q18 ● 1Source: S&P Global Market Intelligence; based on 9/30/19 regulatory data for domestic financial holding companies using C&I loans 3 Comerica: Key Strengths Drive superior performance versus peers Best Efficiency Ratio1,2 Top Tier EPS Growth1 (3Q19; In percentage points) (YTD19 vs YTD18; In percentage points) 14 62.63 13 13 3 9 2 59.31 58.50 58.40 6 6 57.40 57.30 56.20 55.95 56.00 54.70 51.54 -2 -6 -8 -26 RF STI RF STI KEY BBT FHN MTB FITB CMA CFR BBT KEY FHN ZION MTB FITB CMA ZION BOKF HBAN BOKF HBAN Highest Return on Assets1 Highest Return on Equity1,3 (3Q19; In percentage points) (3Q19; Average common equity; In percentage points) 1.61 1.58 15.97 1.41 1.37 1.35 1.30 1.29 1.28 13.47 1.25 12.76 12.17 11.88 11.88 11.86 11.86 1.14 1.10 1.08 10.71 9.93 9.58 10.15 10.12 10.06 RF RF STI STI KEY BBT FHN CFR BBT CFR KEY FHN MTB FITB MTB CMA FITB CMA ZION ZION BOKF HBAN BOKF HBAN 9/30/19 ● 1Source for peer data: S&P Global Market Intelligence ● 2Excludes CFR as data was not available ● 3Peer data calculated by S&P Global Market Intelligence 4

19 Positioned in Faster Growing Markets Comerica State Economic Activity Index1 Attractive, Diverse Geography ($ in billons; 3Q19 average) CA MI TX 140 130 Michigan California $12.6 $18.4 120 25% 36% 110 Loans $50.9 100 Texas 90 Other Markets $10.8 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 $9.1 21% 18% Located in 7 of the Top 15 Largest MSAs2 2018 Michigan California 2018 vs. 2010 Rank MSA Population $20.2 $16.7 % Change (000’s) 36% 30% Deposits 2 Los Angeles 13,291 4% $55.7 4 Dallas-Fort Worth 7,540 17% 5 Houston 6,997 18% Other 3 Texas 11 Phoenix 4,858 16% $10.1 $8.7 12 San Francisco 4,729 9% 18% 16% 13 Riverside-Ontario 4,622 9% 14 Detroit 4,326 1% 1Source: Comerica Economics ● 2Source: U.S. Census Bureau. MSA: Metropolitan Statistical Area ● 3Consists of Other Markets ($7.8B) & Finance/ Other ($2.3B) 5 Fourth Quarter Loan Update QTD average relatively stable October & November Trends1 Diverse Loan Portfolio ($ in billions; Average) ($ in billions; 3Q19 average) 51.0 50.9 50.6 49.7 48.8 General Middle Market 12.2 National Dealer 7.5 Commercial Real Estate 5.7 Private Banking 4.9 Corporate Banking 4.3 Small Business 3.5 Equity Fund Services 2.5 4Q18 1Q19 2Q19 3Q19 4Q19 thru 11/30 Energy 2.5 QTD trends reflect: Mortgage Banker 2.5 Total Loans $50.9 . Increases in Mortgage Banker, Commercial Retail Banking 2.1 Total Middle Market $27.9 Real Estate & Environmental Services Tech. & Life Sciences 1.3 . Decreases in general Middle Market, Equity Environmental Services 1.2 Fund Services & National Dealer Services . Commitments grew & pipeline solid Entertainment 0.7 Outlook for 4Q19: Balances relatively stable 4Q19 average balances through 11/30/19 are preliminary and subject to change ● Outlook as of 12/6/19 ● 1Comparisons of 4Q19 through 11/30/19 vs 3Q19 6

19 Fourth Quarter Deposit Update QTD average grew $1.2B, inclusive of noncustomer brokered deposit reduction October & November Trends1 Total Funding Interest-bearing ($ in billions; Average) Costs2 Deposit Cost2 56.9 3Q19 3Q19 55.7 55.0 55.7 54.0 0.96% 0.79% 0.99% 0.97% CMA Peers CMA Peers 4Q18 1Q19 2Q19 3Q19 4Q19 thru 11/30 Largest Component of Noninterest Deposits2 47 (3Q19 average percentage) QTD trends reflect: 42 39 38 36 . $370MM growth in noninterest-bearing 32 32 28 . $1.33B growth in customer interest-bearing 25 25 25 24 deposits . $530MM decrease in noncustomer brokered Outlook for 4Q19: balances remain at QTD level & RF STI CFR BBT FHN KEY MTB FITB CMA ZION BOKF interest-bearing deposit costs decrease 6–7 bps HBAN 4Q19 average balances through 11/30/19 are preliminary and subject to change ● Outlook as of 12/6/19 ● 1Comparisons of 4Q19 through 11/30/19 vs 3Q19 ● 2Source: S&P Global Market Intelligence 7 Superior Credit Performance Net Charge-offs as a % of Avg. Loans1 (In basis points) . Disciplined underwriting standards Total CMA 250 Peer Average . Diverse portfolio 200 150 . Long-tenured, experienced employees 100 . Deep expertise in specialty industries 50 - 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 3Q19 YTD NPLs as a % of Loans1 Largest Reserve as a % of Loans1 (In basis points) (3Q19; In percentage points) Total CMA 1.27 1.16 410 Peer Average 1.06 1.04 1.04 1.04 1.03 1.03 350 0.95 0.93 0.91 290 0.61 230 170 110 50 RF STI BBT KEY CFR FHN 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 MTB FITB CMA 3Q19 ZION BOKF HBAN 9/30/19 ● 1Source: S&P Global Market Intelligence 8

19 Energy Line of Business 30+ years industry experience Period-end Loans . ($ in millions) ~150 customers: focus on full relationships with larger, sophisticated E&P companies 3,559 (access to a variety of capital sources, Exploration & Production hedging & diverse geographic footprint) 3,070 Services . Exposure $4.4B / 55% utilization Midstream . Loan growth driven by reduced capital market activity as well as higher utilization Mixed 2,422 . 3Q19 charge-offs reflect valuation 18% 2,250 impairments on select energy credits as 2,539 2,163 capital markets remained soft 2,111 1,836 . E&P: 63% Oil, 17% Gas, 20% Oil/Gas Nonaccrual Loans 1,587 1,925 ($ in millions) 1,771 1,346 328 566 480 289 195 53 132 108 94 74 454 479 444 48 374 295 298 - 2014 2015 2016 2017 2018 3Q19 2014 2015 2016 2017 2018 3Q19 9/30/19 9 Interest Rate Environment Aim to build hedges over time to deliver greater NIM stability Estimated rate impact on 4Q19 net Hedges (pay floating/receive fixed) interest income: . Added $750MM in mid-October 1,2 • ~$40MM (relative to 3Q19) . $4.55B in total hedges5 • 3.2 year average term • 1.94% average fixed rate Assets Liabilities/Equity ($ in billions; 3Q19 Average) ($ in billions; 3Q19 Average) High proportion of commercial loans, which Large component of relationship noninterest- are typically floating rate & reprice quickly bearing & low cost interest-bearing deposits Securities Other Assets 8% 17% Noninterest- Equity bearing Fed Deposits Fixed Rate 10% deposits 4% Loans3 12% 37% Other time/ Prime-based liabilities Total Total Loans 3% $71.7 CDs $71.7 10% 4% Debt 60-Day+ LIBOR 30-Day LIBOR Savings 10% Loans Loans 3% 5% 44% MMIA 33% Floating Rate Fixed Rate4 Managed Rate 9/30/19 ● 1 Includes a 25 basis point reduction in the federal funds rate announced on October 30, 2019 with no further reductions included ● 2Outlook as of 12/6/2019 ● 3Fixed rate loans include $3.8B receive fixed / pay floating (30-day LIBOR) interest rate swaps ● 4 5 Fixed rate or not rate dependent ● As of 12/6/2019 10

19 Revenue Opportunities Relationship banking focus Driving Growth Noninterest Income ($ in millions; 3Q 2019) . Greater capacity with E2E credit Fiduciary 21% process redesign Commercial Lending 9% . Allocating resources to faster Service Chg Deposits Foreign Exchange growing niche businesses & markets 4% 20% Total Letters of Credit . Upgraded customer relationship $256 4% management (CRM) tools Brokerage Card 3% . 26% Other Enriched marketing analytics & 13% customer retention tools . Collaboration Growing Card Fees ($ in millions) . Brand awareness campaign 64 65 67 61 63 . Product enhancements . Integrated Receivables & Payables . Cash Position Manager 3Q18 4Q18 1Q19 2Q19 3Q19 9/30/19 11 Expenses Well Controlled Careful cost management Avg. Loans + Deposits / Employee1 Noninterest Expense / Avg. Loans1 ($ in millions) (3Q19; In percentage points) Peer Avg. Loans + Deposits/Employee 13.4 13.2 13.3 13.8 1.44 12.0 1.24 1.17 1.17 1.04 1.04 1.04 1.04 1.02 1.02 0.98 0.98 0.96 0.96 0.92 0.92 0.89 0.89 0.85 0.85 10.7 0.85 9.5 10.0 8.8 9.2 RF STI BBT CFR FHN KEY MTB FITB CMA ZION BOKF 2015 2016 2017 2018 3Q19 HBAN Full-Time Equivalent Employees Reducing Real Estate2 (Sq. ft in millions) 8,880 5.18 4.96 7,960 7,999 7,865 7,725 4.75 4.40 4.34 2015 2016 2017 2018 3Q19 2015 2016 2017 2018 Proj 2019 1Source for Peer Data: S&P Global Market Intelligence ● 2Projected 2019 estimate as of 12/4/2019 12

19 Technology Preparing for a new age in banking Strengthening Our Core Transforming Our Future . Platform & app modernization . Embrace emerging technologies . Cybersecurity, risk & compliance . Continuous optimization enhancement . APIs, data & advanced analytics . Talent & culture development . Agile & digital delivery . GEAR Up helped position our systems & talent for the future . Technology savings are being reinvested which helps moderate rising investment demand Aim to become a fully digitally-enabled, data-driven relationship bank with a . Leveraging third parties to keep pace with reputation for exceptional quality & evolving & emerging technologies reliability that will drive extraordinary . Focus has shifted to increasing digital colleague & customer experiences dexterity with active use of capabilities like Artificial Intelligence to drive revenue growth, reduce costs & elevate user experience 13 Active Capital Management Target: maintain ~10.0% CET11 Decrease in Common Shares Outstanding3 (3Q19 vs. 3Q18; In percentage points) 3Q19 returned $467MM to shareholders 8.3 8.7 . 5.7MM shares repurchased ($370MM)2 (0.6) (2.7) (2.2) (4.4) (3.9) (3.2) (6.5) 4Q19 share repurchase target (8.6) 1,2 (11.3) . ~$100MM-150MM (13.1) RF STI KEY FHN CFR BBT MTB FITB CMA ZION BOKF HBAN Capital Position Remains Solid (CET1) Attractive Dividend Yield3 (In percentage points) (12/5/19; In percentage points) 11.68 11.09 11.14 10.54 4.03 3.83 3.80 9.96 3.72 3.52 3.37 3.23 3.21 3.01 2.76 2.67 2.45 RF STI KEY FHN BBT CFR MTB FITB CMA ZION BOKF 2015 2016 2017 2018 3Q19 HBAN 9/30/19 ● 1Outlook as of 12/6/19 ● 2Shares repurchased under share repurchase program ● 3Source: S&P Global Market Intelligence 14

19 Well Positioned for the Future Provided superior shareholder returns in 3Q19 Return on Assets1 Return on Equity1,3 A LEADING BANK FOR BUSINESS 3Q19 3Q19 1.61% 15.97% 1.29% LONG HISTORY 11.15% RELATIONSHIP BANKING STRATEGY NIMBLE SIZE $74B IN ASSETS GROWTH OPPORTUNITIES CMA Peers CMA Peers 1,2 1 HIGHLY EFFICIENT Efficiency Ratio EPS Growth 3Q19 YTD19 vs YTD18 57.64% 51.54% 13.16% SOLID CREDIT METRICS 1.06% STRONG CAPITAL CMA Peers CMA Peers 9/30/19 ● 1Source: S&P Global Market Intelligence ● 2Peer efficiency ratio excludes CFR as data was not available ● 3Peer data calculated by S&P Global Market Intelligence 15 Appendix

19 Third Quarter 2019 Results Fee income growth & expense discipline kept efficiency ratio low at 52% Change From Key QoQ Performance Drivers (millions, except per share data) 3Q19 2Q19 3Q18 2Q19 3Q18 . Loans stable; reflects seasonality Average loans $50,887 $50,963 $48,584 $(76) $2,303 . Deposits increased 1% Average deposits 55,716 54,995 56,093 721 (377) . Net interest income impacted by lower interest rates Net interest income $586 $603 $599 $(17) $(13) Provision for credit losses 35 44 - (9) 35 . Overall credit metrics remained solid; Provision reflects higher Noninterest income1 256 250 234 6 22 Energy reserves 2 435 424 452 11 (17) Noninterest expenses . Broad-based noninterest income Provision for income tax 80 87 63 (7) 17 growth Net income 292 298 318 (6) (26) . Expenses well controlled; reflect Earnings per share3 $1.96 $1.94 $1.86 $0.02 $0.10 higher comp, tech & occupancy . Tax included discrete benefits of Average diluted shares 148.1 153.2 170.1 (5.1) (22.0) $5MM ROE4 15.97% 16.41% 16.15% . Repurchased 5.7MM shares7; ROA5 1.61 1.68 1.77 $467MM returned to shareholders Efficiency Ratio6 51.54 49.65 52.93 (buyback & dividend) 3Q19 compared to 2Q19 ● 13Q18 included $20MM loss related to repositioning of securities portfolio ● 23Q18 includes $12MM in restructuring charges● 3Diluted earnings per common share ● 4Return on average common shareholders’ equity ● 5Return on average assets ● 6Noninterest expenses as a percentage of net interest income and noninterest income excluding net gains (losses) from securities and a derivative contract tied to the conversion rate of Visa Class B shares. ● 73Q19 repurchases under the share repurchase program 17 Loans stable Reflects seasonality Total Loans Average loans stable ($ in billions) + $477MM Mortgage Banker Loan Yields + $142MM Commercial Real Estate 51.8 51.5 - $361MM National Dealer Services 51.0 50.9 - $166MM General Middle Market 49.7 48.6 48.8 Loan yields - Lower rates + Loan fees + 2Q19 lease residual adjustment 5.07 4.90 5.00 4.74 4.83 Loan Portfolio ($ in billions; 3Q19 Period-end) Fixed Rate 1 17% Prime-based Total 30-Day 15% LIBOR $51.5 62% 60-Day+ 3Q18 4Q18 1Q19 2Q19 3Q19 2Q19 3Q19 LIBOR 6% Average Balances Period-end 3Q19 compared to 2Q19 ● 1Fixed rate loans include $3.8B receive fixed / pay floating (30-day LIBOR) interest rate swaps 18

19 Average Loans by Business and Market By Line of Business 3Q19 2Q19 3Q18 By Market 3Q19 2Q19 3Q18 Middle Market Michigan $12.6 $12.7 $12.4 General $12.2 $12.4 $11.7 Energy 2.5 2.5 1.8 California 18.4 18.9 18.1 National Dealer Services 7.5 7.9 7.0 Entertainment 0.7 0.8 0.7 Texas 10.8 10.7 9.7 Tech. & Life Sciences 1.3 1.3 1.4 Other Markets1 9.1 8.7 8.4 Equity Fund Services 2.5 2.6 2.6 Environmental Services 1.2 1.2 1.1 TOTAL $50.9 $51.0 $48.6 Total Middle Market $27.9 $28.7 $26.4 Corporate Banking US Banking 3.0 3.0 2.9 International 1.3 1.3 1.4 . Middle Market: Serving companies with Commercial Real Estate 5.7 5.5 5.3 revenues generally between $30-$500MM Mortgage Banker Finance 2.5 2.0 2.0 . Corporate Banking: Serving companies Small Business 3.5 3.5 3.7 (and their U.S. based subsidiaries) with BUSINESS BANK $43.9 $44.0 $41.6 revenues generally over $500MM Retail Banking 2.1 2.1 2.1 . Small Business: Serving companies with RETAIL BANK $2.1 $2.1 $2.1 revenues generally under $30MM Private Banking 4.9 4.9 4.9 WEALTH MANAGEMENT $4.9 $4.9 $4.9 TOTAL $50.9 $51.0 $48.6 $ in billions ● Totals shown above may not foot due to rounding ● 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets 19 Deposits Increased Average deposits increased 1% Total Deposits Average deposits increased $721MM ($ in billions) Deposit Rates1 + $573MM MMIA & interest checking + $281MM customer CDs - $ 71MM other time deposits 56.1 55.7 55.7 55.5 56.8 - $ 47MM noninterest-bearing 54.0 55.0 Loan to deposit ratio 91%2 Beneficial Deposit Mix ($ in billions; 3Q19 Average) • Commercial 83% of noninterest-bearing • Retail 54% of interest-bearing Commercial 0.94 0.99 Retail 0.78 Noninterest- Noninterest- 0.62 bearing bearing 0.51 8% 39% Total Retail Interest- $55.7 Commercial bearing Interest- 29% bearing 3Q18 4Q18 1Q19 2Q19 3Q19 2Q19 3Q19 24% Average Balances Period-end 3Q19 compared to 2Q19 ● 1Interest costs on interest-bearing deposits ● 2At 9/30/19 20

19 Average Deposits by Business and Market By Line of Business 3Q19 2Q19 3Q18 By Market 3Q19 2Q19 3Q18 Middle Market Michigan $20.2 $19.8 $20.7 General $13.6 $13.4 $13.4 Energy 0.4 0.4 0.5 California 16.7 16.3 16.9 National Dealer Services 0.3 0.3 0.3 Texas 8.7 8.7 8.9 Entertainment 0.1 0.1 0.1 1 Tech. & Life Sciences 4.6 4.7 5.4 Other Markets 7.8 7.8 8.5 Equity Fund Services 0.9 0.8 0.9 Finance/Other2 2.3 2.4 1.1 Environmental Services 0.2 0.2 0.1 TOTAL $55.7 $55.0 $56.1 Total Middle Market $20.1 $19.9 $20.8 Corporate Banking US Banking 1.9 1.7 2.1 International 1.6 1.6 2.0 . Middle Market: Serving companies with Commercial Real Estate 1.6 1.5 1.5 revenues generally between $30-$500MM Mortgage Banker Finance 0.7 0.7 0.7 . Small Business 3.0 2.9 3.1 Corporate Banking: Serving companies (and their U.S. based subsidiaries) with BUSINESS BANK $28.9 $28.3 $30.3 revenues generally over $500MM Retail Banking 20.7 20.6 20.8 . Small Business: Serving companies with RETAIL BANK $20.7 $20.6 $20.8 revenues generally under $30MM Private Banking 3.5 3.5 3.7 WEALTH MANAGEMENT $3.8 $3.7 $4.0 Finance/Other2 2.3 2.4 1.1 TOTAL $55.7 $55.0 $56.1 $ in billions ● Totals shown above may not foot due to rounding ● 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets ● 2Finance/Other includes items not directly associated with the geographic markets or the three major business segments 21 Mortgage Banker Finance 50+ years experience with reputation for consistent, reliable approach Average Loans . Provide warehouse financing: bridge from ($ in millions) residential mortgage origination to sale to end market 2,544 . Extensive backroom provides collateral 2,521 2,352 2,145 2,136 2,044 1,974 monitoring and customer service 1,961 1,861 1,784 1,780 1,742 1,677 1,674 1,450 1,435 . Focus on full banking relationships 1,335 . Granular portfolio with ~100 relationships . Underlying mortgages are typically related 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 to home purchases as opposed to 1 refinances MBA Mortgage Originations Forecast ($ in billions) As of 3Q19: Purchase Refinance • Comerica: ~70% purchase 605 637 • Industry: 62% purchase1 508 512 444 . Strong credit quality • No charge-offs since 2010 . Period-end loans: $3.3B 3Q19 4Q19 1Q20 2Q20 3Q20 9/30/19 ● 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 11/20/19; 3Q19 actual 22

19 National Dealer Services 65+ years of floor plan lending Franchise Distribution . Top tier strategy (Based on period-end loan outstandings) Honda/Acura . Focus on “Mega Dealer” (five or more 15% dealerships in group) Toyota/Lexus Ford . Strong credit quality 15% 9% . Robust monitoring of company inventory and performance GM Total 9% Other 1 12% $7.4B Fiat/Chrysler Average Loans ($ in billions) 10% Floor Plan Mercedes 7.9 7.8 7.5 7.4 7.4 3% 7.3 7.1 7.1 7.0 6.9 Other Asian 6.8 6.6 6.5 6.3 6.2 6.2 11% Nissan/ Infiniti 5.9 Other European 5% 11% Geographic Dispersion 4.5 4.4 4.3 4.2 4.1 4.1 4.1 4.1 4.0 4.0 4.0 3.9 3.8 3.8 3.7 3.7 California 57% Texas 7% 3.5 Michigan 24% Other 12% 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 9/30/19 ● 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans) 23 Technology and Life Sciences Deep expertise & strong relationships with top-tier investors Average Loans Average Deposits ($ in millions) ($ in millions) 5,426 5,244 4,992 1,396 4,652 4,637 1,353 1,323 1,305 1,251 3Q18 4Q18 1Q19 2Q19 3Q19 3Q18 4Q18 1Q19 2Q19 3Q19 Customer Segment Overview . ~475 customers (Based on period-end loans) . Manage concentration to numerous verticals to ensure widely diversified Growth Late Stage portfolio 53% 6% . Closely monitor cash balances & Total maintain robust backroom operation $1.2B . 11 offices throughout US & Canada Early Stage Leveraged 18% Finance 23% 9/30/19 24

19 Commercial Real Estate Business Line Long history of working with well established, proven developers Majority High Growth Markets1 Primarily Lower Risk Multifamily1 ($ in millions; Period-end, based on location of property) ($ in millions; Period-end) Michigan Office Single Family 5% 8% 6% Other Retail 5% 10% Land Carry Other 4% 17% Industrial / Total California Storage Total Multi use $4,938 46% 15% $4,938 3% Texas 32% Multifamily 49% CRE Loan Growth % of Total Loans2 Very Strong Credit Quality ($ in billions; Average) (Period-end) . >90% of new commitments from existing 17% customers 5.7 5.3 13% . Substantial upfront equity required . 52% of portfolio3 is construction & includes +6% robust monitoring . 1.6% Criticized loans4 . $2MM nonaccrual (0.04%) . No significant net charge-offs since 2014 3Q18 3Q19 CMA Peers 9/30/19 ● 1Excludes CRE line of business loans not secured by real estate ● 2Source for peer data: S&P Global Market Intelligence; based on regulatory data ● 3Period-end loans ● 4Criticized loans are consistent with regulatory defined Special Mention, Substandard & Doubtful categories 25 Securities Portfolio Yields stable Securities Portfolio ($ in billions) Treasury Securities & Other Mortgage-backed Securities (MBS) Securities Yields Duration of 2.4 years1 . Extends to 3.4 years under a 200 bps 12.1 12.2 12.3 12.4 11.8 11.8 12.0 instantaneous rate increase1 Net unrealized pre-tax gain of $94MM2 Net unamortized premium of $9MM3 9.5 9.6 9.1 9.1 9.2 9.3 9.4 Yields: + Benefit from full quarter effect of higher yielding 2Q19 reinvestments 2.39 2.45 2.45 - 3Q19 paydown of ~$600MM reinvested at 2.35 yields lower than portfolio average 2.17 3Q18 4Q18 1Q19 2Q19 3Q19 2Q19 3Q19 Average Balances Period-end 9/30/19 ● 1Estimated as of 9/30/19 ● 2Net unrealized pre-tax gain/loss on the available-for-sale (AFS) portfolio ● 3Net unamortized premium on the MBS portfolio 26

19 Net Interest Income Impacted by lower interest rates Net Interest Income ($ in millions) $603MM 2Q19 3.67% NIM 614 - 16MM Loans: - 0.13 599 606 603 586 - 26MM Lower rates -0.15 + 6MM 1 additional day + 2MM 2Q lease adj. +0.01 + 2MM Loan fees +0.01 -0- Fed Balances: - 0.02 + 2MM Higher balances -0.01 - 2MM Lower yield -0.01 3.79 3.70 3.67 - 6MM Deposits: - 0.03 3.60 3.52 - 4MM Higher rate -0.02 - 2MM Higher balances -0.01 + 5MM Wholesale funding: + 0.03 Lower rate $586MM 3Q19 3.52% 3Q18 4Q18 1Q19 2Q19 3Q19 3Q19 compared to 2Q19 27 Interest Rate Environment Focus on continued careful management of deposit costs Loan Portfolio ($ in billions; 3Q19 Period-end) Estimated Net Interest Income2 Fixed Rate 1 In Different Rate Scenarios 17% Annual (12 month) Sensitivities Based on Standard Model With 3 Prime-based 30-Day Deposit Beta Assumptions Altered 15% Total ($ in millions) $51.5 LIBOR 62% 60-Day+ ~70 LIBOR 6% Beneficial Deposit Mix ($ in billions; 3Q19 Average) • Commercial 83% of noninterest-bearing • Retail 54% of interest-bearing Retail Commercial Noninterest- Noninterest- ~65 bearing bearing ~80 8% 39% ~95 Total $55.7 25 bps shock 25 bps shock 25 bps shock & Up 100 bps Retail Interest- Commercial bearing Interest- & 10% deposit & 25% deposit 50% deposit (50 bps on 29% bearing Beta Beta Beta average) 24% 9/30/19 ● Outlook based on 9/30/2019 ● 1Fixed rate loans include $3.8B receive fixed / pay floating (30-day LIBOR) interest rate swaps ● 2Outcomes may differ due to many variables, including pace of LIBOR change, balance sheet movements (loan, deposit & wholesale funding levels), competition for deposits ● 3For methodology see the Company’s Form 10-Q, as filed with the SEC. Estimates are based on simulation modeling analysis 28

19 Credit Quality Remains Solid Provision reflects additional decline in value of select energy assets Allowance for Credit Losses 2 ($ in millions) . $42MM in net charge-offs or 33bps Allowance for Loan Losses as a % of Total Loans . Nonaccrual loans 43 bps of total loans 697 701 677 688 681 . ALLL/NPL coverage 2.9x 1.35 1.34 . 1.29 1.27 1.27 Provision decreased $9MM over 2Q19 • Select energy loans impacted by continued decline in valuations • Strong credit quality in remainder of 3Q18 4Q18 1Q19 2Q19 3Q19 portfolio 1 Criticized Loans $ in millions Energy Ex-Energy Total ($ in millions) Total PE loans $2,422 $49,069 $51,491 NALs Criticized as a % of Total Loans % of total 5% 95% 100% 1,948 1,861 1,806 1 1,670 1,548 Criticized 220 1,641 1,861 Ratio 9.08% 3.35% 3.61% Nonaccrual 74 146 220 3.6 3.8 3.6 3.4 3.1 Ratio 3.04% 0.30% 0.43% 2 230 221 191 224 220 Net charge-offs 34 8 42 3Q18 4Q18 1Q19 2Q19 3Q19 Ratio N/M 0.06% 0.33% 9/30/19 ● 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories ● 2Net credit-related charge-offs; ratio shown as a % of average loans ● N/M = Not meaningful 29 Current Expected Credit Losses Standard (CECL) No material change to allowance for credit losses anticipated upon adoption Adopting new standard 1Q20 Should be less impacted than peers due to relatively shorter maturity of portfolio . Requires reserves for expected losses over life of loan, based on: . Historical performance % of Est. Change . Loan Type Current conditions Portfolio in Reserves1 . Economic forecasts Commercial 92 (5) - 0% . 1 ±5% change in reserve expected , Retail 8 60 - 80% therefore minimal impact to capital ratios Total 100 (5) - 5% . Actual results depend on economic conditions & forecasts at the time of adoption . Generally, shorter maturities of commercial . Anticipate using a two-year forecast loans result in decrease to reserve, while horizon with subsequent reversion to longer maturities for retail loans increase historical loss experience reserves . Continue to enhance parallel runs, which began in 4Q18 . Remain on track for successful implementation 9/30/19 ● Outlook as of 10/30/19 ● 1The ultimate impact of CECL will depend on the composition of the portfolio as well as economic conditions and forecasts at the time of adoption. Estimates based on current factors as of 9/30/19. 30

19 Noninterest Income Increased Broad-based growth Noninterest Income1 Noninterest income increased $6MM ($ in millions) Securities losses due to repositioning + $2MM Card + $2MM Commercial lending (syndication fees) + $1MM Fiduciary income 254 256 250 246 250 - $1MM Derivatives (other) 20 8 + $3MM Deferred Comp (other) 238 234 (offset in noninterest expense) Growing Card Fees ($ in millions) 67 65 64 63 61 3Q18 4Q18 1Q19 2Q19 3Q19 3Q18 4Q18 1Q19 2Q19 3Q19 3Q19 compared to 2Q19 ● 1See Reconciliation of Adjusted Net Income slide 31 Noninterest Expense Efficiency ratio1 remained low at under 52% with disciplined cost management Noninterest Expense2 ($ in millions) Restructuring Efficiency Ratio Noninterest expense increased 452 448 433 435 12 14 424 + $8MM Salaries & benefits 440 434 + Deferred Comp (offset in noninterest income) + Staff insurance + One additional day + $ 2MM Software + $ 2MM Occupancy 52.9% 51.9% 50.8% 51.5% 49.7% 3Q18 4Q18 1Q19 2Q19 3Q19 3Q19 compared to 2Q19 ● 1Noninterest expenses as a percentage of net interest income & noninterest income excluding net gains (losses) from securities & a derivative contract tied to the conversion rate of Visa Class B shares ● 2See Reconciliation of Adjusted Net Income slide 32

19 Capital Management CET1 Ratio1 Tier 1 Ratio1 (3Q19; In percentage points) (3Q19; In percentage points) 12.99 12.35 12.25 11.43 11.43 11.41 11.41 11.06 11.06 11.06 11.06 11.04 11.04 10.91 10.82 10.81 10.62 10.43 10.38 9.97 9.96 9.96 9.81 10.02 9.58 9.56 9.48 9.33 9.01 RF RF STI STI CFR BBT KEY FHN CFR BBT KEY FHN MTB MTB FITB FITB CMA CMA ZION ZION BOKF BOKF HBAN HBAN 1Source: S&P Global Market Intelligence 33 Commitment to Community, Diversity & Sustainability $772MM in green loans 10th consecutive year of listing on and commitments FTSE4Good index series Honored by more than 10 top $7.8MM donated to charitable organizations for sustainability, organizations via more than 1,500 employer of choice for minorities grants/sponsorships and innovation 44% reduction in greenhouse 88% of employees are enrolled in gas emissions1 and 28% the voluntary Masters of Diversity reduction in water consumption1 Awareness training 19 Market Segmentation Over 50,000 hours of volunteer Initiative Teams focused on time donated to nonprofits by reaching diverse customers Comerica colleagues 12/31/18 ● 12018 results versus 2012 baseline; additional details published in Comerica’s 2018 Corporate Responsibility Report 34

19 Holding Company Debt Rating Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch BB&T A2 A- A+ Cullen Frost A3 A- -- M&T Bank A3 A- A Comerica A3 BBB+ A BOK Financial Corporation A3 BBB+ A Huntington Baa1 BBB+ A- Fifth Third Baa1 BBB+ A- Peer BanksPeer KeyCorp Baa1 BBB+ A- SunTrust Baa1 BBB+ A- Regions Financial Baa2 BBB+ BBB+ Zions Bancorporation Baa2 BBB+ BBB+ First Horizon National Corp Baa3 BBB- BBB U.S. Bancorp A1 A+ AA- JP Morgan A2 A- AA- Bank of America A2 A- A+ Wells Fargo & Company A2 A- A+ Large BanksLarge PNC Financial Services Group A3 A- A+ As of 12/5/19 ● Source: S&P Global Market Intelligence ● Debt Ratings are not a recommendation to buy, sell, or hold securities 35 Reconciliation of Adjusted Net Income 3Q19 2Q19 3Q18 Per Per Per ($ in millions, except per share data) $ Share1 $ Share1 $ Share1 Net income $292 $1.96 $298 $1.94 $318 $1.86 Securities repositioning2 - - - - 15 0.09 Restructuring charges2 - - - - 9 0.05 Discrete tax items (5) (0.03) - - (23) (0.14) Adjusted net income $287 $1.93 $298 $1.94 $319 $1.86 3Q19 discrete tax items: benefits from deferred tax adjustments related to annual state tax filings 3Q18 securities repositioning: losses incurred on the sale of ~$1.3B of treasury securities that were replaced by higher-yielding treasuries 3Q18 discrete tax items: benefits from a review of certain tax capitalization & recovery positions 1Based on diluted average common shares ● 2Net of tax ● Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of equity and our performance trends. Comerica believes the adjusted financial results provide a greater understanding of ongoing operations and enhance the comparability of results with prior periods. 36